Citigroup Nabs More HSBC Investment Bankers in Asia

(Bloomberg) -- Citigroup Inc. hired two investment bankers from HSBC Holdings Plc in Asia, continuing a buildup to strengthen its Chinese real estate advisory business.

The New York-based bank hired Kara Wang as managing director and co-head of real estate investment banking for Asia, according to an internal memo that was confirmed by James Griffiths, a Hong Kong-based spokesman. Dayday Zhou, a director of Wang’s team at HSBC, will join the bank in January, according to Griffiths.

The latest Citigroup recruits will raise the number of Asia corporate and investment banking hires to six since December. The bank is seeking to bolster income in the region, its biggest market outside of North America. In the third quarter, Citigroup’s revenue in Asia grew 6% to $4.02 billion from a year earlier.

Citigroup ranks ninth advising share sales by real estate companies in Greater China, down from fifth in the same period last year, data compiled by Bloomberg show. HSBC, which came second last year, hasn’t arranged one single equity deal in the sector this year, the data show.

Citigroup has this year also hired HSBC bankers in Hong Kong, Thailand, Indonesia and Vietnam.

HSBC is undergoing a transformation as acting Chief Executive Officer Noel Quinn, who took over in August following the ouster of John Flint, is putting his stamp on the sprawling lender. Cuts at the investment bank have already begun.

HSBC is set to replace its head of global banking and markets Samir Assaf as part of the overhaul, people familiar said earlier this month. The lender, which makes almost 90% of its profit in Asia and employs 240,000 people, walked away from a key profitability target last month.

To contact the reporter on this story: Cathy Chan in Hong Kong at kchan14@bloomberg.net

To contact the editors responsible for this story: Candice Zachariahs at czachariahs2@bloomberg.net, Jonas Bergman, Jun Luo

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